Wing Bank, one of Cambodia’s fastest-growing digital banks, has received approval from the National Bank of Cambodia to increase its capital by $88 million. This strategic move, comprising $60 million in main capital and $28 million in secondary capital, reinforces the bank’s commitment to enhancing its financial stability and supporting its growth trajectory. The additional capital will enable Wing Bank to better serve society by expanding its lending capacity, thereby fostering the growth of SMEs, corporates, and individual customers.
Neak Oknha Kith Meng, Chairman of the Board of Directors of Wing Bank and CEO of the Royal Group of Companies, spearheaded the decision to inject additional capital into the bank, underscoring his confidence in the bank’s sustained growth and the positive economic outlook for Cambodia.
“We believe this additional capital injection will further solidify our position as a trusted and forward-thinking financial partner for individuals and businesses alike. The growing economy and the optimistic outlook for the future have played a key role in our decision to initiate this move,” said Neak Okhna Kith Meng.
As Cambodia continues to experience rapid economic growth, Wing Bank remains committed to providing accessible, customer-centric financial solutions to meet the evolving needs of the population.
In addition to enhancing the bank’s capabilities, the capital injection will directly benefit local communities by enabling Wing Bank to expand its financial services in underserved areas. With improved access to banking, digital financial tools, and credit facilities, more individuals and businesses will be empowered to invest in their futures, driving financial literacy and inclusion.
“I sincerely thank the National Bank of Cambodia, particularly H.E. Dr. Serey Chea, for their endorsement and support in advancing financial inclusion within our communities,” said Neak Oknha Kith Meng. “I also extend my gratitude to our stakeholders for their trust in our efforts and for joining us in supporting the needs of our community.”
Wing Bank’s success and growth story in 2024, paired with this new capital injection, reflect its strong financial health, commitment to innovation, and leadership in Cambodia’s dynamic banking sector.
Wing Bank’s Remarkable Growth & Achievements in 2024
- Record-Breaking Performance: Wing Bank has achieved unparalleled success in 2024, surpassing the milestone of $2 billion in deposits and assets. This remarkable growth reflects the bank’s strategic investments and solidified position as a leading financial institution in Cambodia, setting an unprecedented growth rate that continues to exceed expectations.
- Expanding National Presence: Wing Bank has significantly broadened its reach across Cambodia, inaugurating three new branches in key provinces: Takeo, Kampong Chhnang, and Pursat. With these additions, Wing Bank now boasts an impressive total of 23 branches nationwide, providing enhanced access to its industry-leading services for communities across the country.
- Prestigious Awards and Recognition: Wing Bank’s outstanding achievements in 2024 were celebrated with six prestigious awards, solidifying its position as a leader in the financial sector. The bank received the Leadership in Debit Volume 2024 Award, Leadership in Cross-Border Volume 2024 Award, and the Innovation Breakthrough 2024 Award at the Mastercard Year-End Awards. Additionally, Wing Bank’s Wingagri platform earned the Private Sector of the Year award at the Cambodia Digital Awards. In recognition of its commitment to social responsibility, Wing Bank was also honored with the Digital Inclusion Award and Financial Literacy Award at the AmCham CSR Excellence Awards 2024.
- Groundbreaking Innovations and Products: In 2024, Wing Bank introduced three groundbreaking products that have set new standards in the Cambodian financial market. The Save for a Goal Account empowers customers to achieve their financial aspirations with tailored savings plans. The Mastercard One Card, Cambodia’s first combined debit-credit card, offers unmatched flexibility and convenience. Additionally, the launch of the Infinite Card provides exclusive benefits to high-net-worth individuals, further demonstrating Wing Bank’s commitment to delivering innovative and customer-focused financial solutions.
Wing Bank’s exceptional performance in 2024 reflects its relentless pursuit of excellence, innovation, and customer satisfaction, reinforcing its status as a pioneering force in Cambodia’s financial industry.
Also read, Wing Bank Opens Doors for People with Hearing Disabilities
